Luxury retailer Michael Kors is planning to close between 100 to 125 stores. During the fourth quarter, the company made a net loss, with the company’s total revenue decreasing by double digits. Now, the company expects same-store sales for the next quarter to continue to decline.

Following the news that the firm was operating at a net loss, shares of the stock fell more than 9 percent during Wednesday morning trading. Michael Kors posted a net loss of $26.8 million in the latest quarter. According to CNBC, the company had a net income of $177 million just a year ago.

Michael Kors executives explained under-performing stores caused the net loss for the company. Moreover, total sales for the company dropped by 11.2 percent to $1.06 billion in the fourth quarter, which ended on April 1st.

“Fiscal 2017 was a challenging year, as we continued to operate in a difficult retail environment with elevated promotional levels,” CEO John Idol said in a statement. “In addition, our product and store experience did not sufficiently engage and excite consumers.”

NEW YORK, NY – FEBRUARY 14, 2017: Natasha Poly walks the runway at the Michael Kors Fall Winter 2017 fashion show during New York Fashion Week at the Spring Studios (Ovidiu Hrubaru / Shutterstock.com)

Now, Michael Kors says it anticipates the company’s first-quarter sales of $910 million to $930 million along with a decline in same-store sales. Moreover, the company plans to buy back $1 billion of shares.

This news comes after Amazon reaches $1,000 share price on Tuesday. The e-commerce giant’s share price doubled in less than two years.

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